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China Sky One posts lower 4Q profit

Wed, 03/17/2010 - 9:17am
The Associated Press

Chinese over-the-counter drug maker China Sky One Medical Inc. said Wednesday its fourth-quarter profit declined, weighed by stock-based compensation costs and other expenses.

The company earned $5.3 million, or 32 cents per share, down 24 percent from $6.9 million, or 45 cents per share, in the same period a year earlier.

Excluding stock compensation expenses and other noncash costs, the company earned $7.9 million, or 47 cents per share, in the latest quarter.

Revenue rose 15 percent to $29.9 million from $26 million.

Shares fell $1.40, or 8.2 percent, to $15.75 in afternoon trading.

The company said acquisitions and an expansion of its sales network helped the quarter's revenue. China Sky said it had about 1,100 sales reps in pharmacies around the country to "educate consumers about the benefits of the company's products" and drive sales higher.

For the full year, the company earned $34.5 million, or $2.07 per share, up 19 percent from $28.9 million, or $1.87 per share, in 2008.

Revenue rose 42 percent to $130.1 million from $91.8 million.

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